The Crescent Development projects project is one of several oilfield development projects in Cambodia.
It is a partnership between the National Petroleum Corporation of Cambodia (NPC) and the state-owned Chinese energy company China National Petroleum Corp (CNPC).
The projects aim to increase domestic oil production, increase energy security and boost the economy of Cambodia.
The consortium includes the Cambodian Oil Field Corporation (COGC), a state-run company that has been producing oil since 1971, and CNPC, which has a significant stake in the projects.
The projects aim for an increase in oil production of 15 million barrels per day (bpd) by 2025.
CNPC is also the largest operator in the region, with a portfolio of some 50 million barrels.
The Cambodian oil field has a production capacity of about 1.5 million bpd.
It has been estimated that the projects will create some 5,000 direct jobs and 3,500 indirect jobs in Cambodia, and about 5,300 indirect jobs.
According to the Cambodians Oil Field Council, the projects include the following projects: 1.
A 1,500-megawatt thermal gas-fired power plant that will produce 1.4 million bp of electricity per day; 2.
A 6-megajoule gas-electricity project to produce 4.4 bpd of electricity; 3.
A 3.8-megavolt electric energy project to provide 2.2 million bspd of power; 4.
A 5.7-megawatts thermal gas power plant to produce 2.6 million bps of electricity.
This is a joint venture between CNPC and the National Oil Corporation of Vietnam (NOCV), with a joint board of directors, the National Energy Development Agency (NEDA), and the Cambodi Oil Field Development Company.
A Cambodian government statement said the projects would bring “high-quality, reliable energy to the region”.
The Cambodian Investment Corporation, the state owned bank of Cambodia, will be the lead investor.
It will invest up to $1.6 billion in the project, with an additional $1 billion for the Cambodia Electricity System and the Cambodia Energy Infrastructure Corporation.
In the long term, the project aims to create 20,000 jobs in the country and create 10,000 additional permanent jobs.
The project aims for an initial investment of $20 billion.
“We hope that the Cambodis Energy Infrastructure and the COGC will contribute their share to help us reach our goals,” said President of the Cambodia Oil Field Organization, Khaiborn Chon.
More on this project will be coming from the Cambodian Energy and Mines Organization, which also represents CNPC.
Follow the latest updates from the Cambodia project here.